Revenues rise at ProCook

By Nicky Godding

9 April 2024

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ProCook

Revenues rose by almost five per cent at Gloucester-based kitchenware brand ProCook, hitting £13.2 million in the final quarter of its year, outperforming the UK kitchenware market by approximately two per cent. Total like for like revenue turned positive in the quarter, having increased by 1.5 per cent continuing the improving trend from previous quarters.

And its improved trading is being seen in its physical stores. Retail revenue growth of almost nine per cent in the quarter benefited from continued momentum in like for like revenue growth (+4.3 per cent), the opening of two new stores in the previous quarter and the upsize relocation of a third store during the fourth quarter, partly offset by the closure of three smaller garden centre stores and the Cookery School part way through the quarter.

However, e-commerce like for like revenue was down 2.5 per cent – although that was an improvement from the -5.1 per cent in last quarter as further customer experience improvements were delivered.

Full year revenue of £62.6 million increased by just 0.4 per cent year on year, +1.6% excluding the Amazon EU channels which the retailer exited last year.

The Group said it has made good strategic progress during the year, including opening new stores, the launch in March of its new small kitchen electricals range and improvements in customer experience online and in store.

While the company warned that the environment remains difficult for consumers, it is confident that the work done to strengthen its business over the last two years will support a stronger performance in the new financial year.

It said: "We remain confident that our specialist retail proposition, with a high-quality and carefully curated product range which is 100 per cent direct-sourced and own-brand, paired with our excellent customer service both in store and online, stands us apart from our competitors."

Lee Tappenden, Chief Executive Officer, said: "I am pleased with the growing momentum in our performance which reflects the enhanced range, experience and value we are delivering to our customers.

"Despite the market remaining subdued, we are gaining share giving us confidence that our proposition continues to resonate with consumers. We look forward to delivering further strategic progress as we continue to build an even stronger customer-focused business which will allow us to accelerate profitable growth as trading conditions improve."

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.